SEOUL, South Korea—The Bank of Korea has revealed plans to initiate its central bank digital currency (CBDC) pilot by the end of August.
The first phase of the pilot, set to conclude in December, will focus on research and testing of the basic functions of the CBDC, such as creating issuance and redemption of the digital won alongside secret keys and wallet functionality, Fintech Global reported.
The second phase of the pilot, planned to be finished in June 2022, will focus on concepts such as privacy-enhancing technologies, offline payments, digital asset integration and cross-border payments.
Ground X, Kakao Pay, Samsung, Onther and Kakaobank will be taking part within the pilot.